How To Ask For a Recommendation - And What To Do If They Say No?

“It’s an equal failing to trust everybody and to trust no body.” Thomas Fuller

People do business with people they know and trust.  Trust not only builds relationships,  it drives transactions.  According to McKinsey, over 66% of the economy is influenced by recommendations.  People even trust recommendations from people they do not know!  How many times for example, have you consulted Amazon ratings, Consumer Reports or Morningstar before making a purchase?

If your business is based primarily on recommendations and referrals, than you know how powerful they are for building trust and influencing others to buy from you. Here are some best practices to keep in mind when asking for a recommendation or referral.

1) Ask in a way that does not make your colleague feel awkward, or allow them to decline gracefully.

For example, asking, “Can you please recommend me to the CEO of your company?” is a yes or no question and does not give your colleague an easy way out.  Asking, “Do you think you might be able to provide me with a good recommendation?”  is better.  However, asking, “Do you think you know me well enough to provide me with a good reference?” keeps your colleague focused on your accomplishments or allows them to decline gracefully.

2) Select your referral sources carefully.

This might seem overly simplistic - however, you are asking for a favor so make it as easy as possible (especially if it has been some time since you last spoke).

• Highlight key projects and your specific contributions relevant to the request at hand.
• Be cognizant of their schedule (ex. think twice about approaching an accountant during tax season).
• Explain what you seek to achieve by meeting their colleague and the best way to follow-up after the  recommendation has been made.
• Thank your colleague after they agree to make the referral, thank them after they make the referral and follow-up with them after your meeting (quickly!).

3) What do you do if you ask for a recommendation or referral and your colleague says no? 

One option is to be grateful for their honesty, thank them for their consideration and walk away gracefully.  A more productive option is to thank them for being honest and forthright but instead of walking away, keep the relationship moving forward. For example, try following up with “My sense is that I have disappointed you in some way.  So let’s put the the issue of referrals aside, and spend a few minutes identifying what the problems are so we can get back on track.  Would that be ok with you?”  This latter approach allows you to start a conversation to rebuild your relationship and hopefully, establish trust.

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Smart Marketing Tips

We’ve entered the second half of the year and summer has officially arrived.  Don’t be fooled into thinking that everyone is going to be taking time off.  Smart marketers will be using the next 2 months to ramp up their marketing campaigns so they can: 1) gain an edge over competitors who are less visible, and 2) hit the ground running with a finely tuned business development strategy in September.  Take advantage of this quiet time to: increase your company’s visibility and awareness in the market place, build customer loyalty for the future and renegotiate with media companies who still have to hit target.

Branding: More Important Than Ever

The December 2008 cover story of Mergers and Acquisitions focuses on the need for companies to define a niche in order to succeed in today’s marketplace.  Defining a niche is essential for developing a strong brand identity, and is a key pillar for business success.  This is particularly true in a crowded marketplace where multiple small to mid sized companies are sometimes seen as providing commodity services.  In the middle market space for example, there are a lot of very smart accountants, lawyers, investment bankers, private investors and other business advisors that can finance a deal or execute a transaction, perhaps some better than others.  But the point is, how can one firm differentiate itself from another so when the right deal comes along, they will be invited to the dance?

People like to put people in pockets, so putting a stake in the ground to claim your space is essential for positioning your company’s expertise in a crowded market.  Identifying your particular focus, area of expertise, value add or proprietary process is only part of the equation.  Communicating your niche (or in a broader sense your brand identity) to the marketplace in a clear, concise way is equally as important.  This is most effectively done through multi-level marketing campaigns in which multiple programs work together to deliver compelling content and consistent messages to key audiences simultaneously.  A traditional multi-level marketing campaign might include: public or investor relations, speaking engagements, email campaigns, trade shows, sponsorships, etc.  Other more unique multi-level programs can be developed based upon your specific niche.  In today’s challenging business environment, standing out from the crowd and claiming your space is more essential than ever.  Companies that define their niche and broadcast it to the marketplace are more likely to improve their sales process by increasing their visibility and awareness in their marketplace and generating qualified leads.

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